Twenty-nine new, market-rate homes will soon be built in Louisville's Russell neighborhood.

It's part of the Cedar Street Development project, which started in 2005.

Advertisement

"We started the Cedar Street Development in 2005 when individual developers got 14 houses completed before the recession hit," Mayor Greg Fischer said.

Thursday, Mayor Fischer kicked off the continuation of the project, with a ceremonial groundbreaking. The goal is to increase home values, and bring people back, and welcome new members, to West Louisville.

"It's vital and it's crucial for us to continue to break down that 9th Street divide. That artificial barrier that is existing right now here in Louisville, and is one that we will continue to chip away at, day by day, person by person," Louisville Metro Council President David Tandy, said.

The City of Louisville is investing nearly $1.5 million in the project. Non-profit housing developers, Community Ventures and REBOUND are also involved.

"REBOUND has always had a vest interest in this neighborhood and we will always have a vested interest in this neighborhood," Kevin Dunlap, with REBOUND, said.

REBOUND is the housing development arm of the Louisville Urban League.

Richard Dean and his family live on Cedar Street. Dean had asked about buying the land next his home to expand his own house, but he was told there were already plans in the works.

Three houses will be built on the land.

"I'm excited about it. I'm hoping that this activity brings some positive energy to the west end," Dean said. "It helps the economy for one, for tow, it helps revamp the nature of this area."

The houses will range in price from $98,000 to $152,000. Buyers will be able to select which floor plan they would like, and will also take part in homeowner training.

"It will provide new housing opportunities for folks who are filling the great American dream of owning your own home," Fischer said.

President of Community Ventures, Kevin Smith, said local banks are stepping up to help the revitalization effort, by providing $5 million.

"To make first mortgages to those people who can't qualify at a bank. So we will have that $5 million available now to people wanting to buy homes in Russell," Smith said.

Mayor Fischer pointed out, the Cedar Street Development will complement other investments in the area, including the YMCA and Wal-Mart developments at 18th and Broadway. The intersection at 18th and Broadway will also be realigned.

The Cedar Street Development is part of the $26 million Russell Urban Renewal initiative, which was started in 1990.

Construction on some of the housing is expected to being this fall.

Anyone interested in buying a home as part of the Cedar Street Development can call REBOUND at 502-566-3369, or Community Ventures at 1-800-299-0267.